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Yuan slips as Asia stocks show mixed reaction to new US tariffs

Asian stocks were mixed, while US stock futures declined after the Trump administration’s latest barrage of tariffs against China. The dollar headed higher and the Chinese yuan fell.
Equity benchmarks in Japan advanced, while Chinese stocks consolidated around four-year lows and Hong Kong shares dropped for a second day.
The largest exchange-traded fund that tracks the S&P 500 Index retreated after hours following President Donald Trump’s announcement that a fresh $200 billion in Chinese goods are subject to levies of 10 percent, rising to 25 percent in 2019.
US stocks ended the regular session down the most in a month, with technology companies leading decliners, as investors braced for Trump’s move. Beijing has already said it will retaliate.
Prospects for a protracted trade dispute between the US and China is set to dominate sentiment Tuesday after a shaky start to the week. Investors are also forking out cash for tail-risk protection amid concerns about stretched valuations in technology stocks.
Yuan slips as Asia stocks show mixed reaction to new US tariffs

An investor sits in front of an electronic board displaying stock prices at a brokerage house in Beijing

Credit:
 Andy Wong/AP
“There is certainly a degree of anxiety after the equity markets did very well last week,” David Ader, chief macro strategist at Informa Financial Intelligence, said on Bloomberg TV.
“This sort of choppy volatility is going to be with us for a few weeks. I don’t think we are trying to make a directional play. I do not believe that the stock market will prove that much resilient, at least in the next few weeks.”
Elsewhere, the Australian dollar pared declines after the central bank reaffirmed its next interest-rate move would likely be up, while warning on risks from US-China trade tensions.
Oil wavered as international supply concerns were overshadowed by a looming demand drop. Emerging-market currencies remained under pressure with South Korea’s won and Turkey’s lira adding to declines.
Base metals including copper continued to slide as the looming trade conflict spurred concerns about demand.
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